The Indian crypto market is growing at a great pace, attracting big companies to launch their services in the nation; in a most recent development, the known crypto trading exchange Coinbase has registered with the Financial Intelligence Unit of India, enabling it to re-offer its service in the territory of India.
Coinbase was among India’s leading offshore crypto exchanges to offer its services to digital asset enthusiasts, yet it ceased its operations in 2023. The move of the exchange to relaunch its services in India has raised eyebrows of experts, who are raising speculations that the nation might bring a favorable set of rules for the digital assets market.
Coinbase to compete with existing players in the Indian crypto market
Players like CoinDCX and Binance have been serving thousands of users, and in this competitive environment, Coinbase is gearing up to launch its services in India by the end of this year.
While talking to Reuters, John O’Loghlen, the regional managing director, said, “ India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations.”
With the historic victory of Donald Trump, the crypto market has seen a surge in adoption and a sudden shift in the take of several nations over digital assets and other blockchain-based products.
Despite the claims that India has been changing its stance over crypto, the nation has continued to impose a 30% of taxes on the gains and income from digital assets.
In several media appearances, a few officials of the Indian government have indirectly signaled that the nation is planning to revise its tough rules and regulations concerning crypto.
It is worth noting that India has topped the crypto adoption list for the 2nd time in 2024; with the highest adoption, its market cap is expected to reach a new height by the end of 2025.
Small cities & districts in India are pushing crypto adoption up
Earlier this week, Todayq reported that cities like Barabanki, Lucknow, and Pune had been leading crypto adoption in the nation; the sudden shift in sentiment has been fueled by the nation’s badly struggling stock market.
Also, it has been reported that a significant inclination of female traders has been seen in India toward crypto over the past few months due to increased volatility; several traders have leveraged the unprecedented growth of several cryptocurrencies.
After a shift in power in the United States, a few crypto companies, such as Bitcoin, XRP, and Solana, have touched new heights, yet the gains have eroded in the last 10 trading sessions. Currently, Bitcoin is trading at $81,525, with a loss of 2.44% in the past 24 hours.
Similarly, Ether has been trading at $1,908 with a loss of 10.39% in the past 24 hours and is down by 9.11% in the seven days; in the same frame, the market cap is down by 10.47%, yet the trading volume is up by 53%, reflecting a bears action.
